Human Resource: Valuable Link Between People and Prosperity of Nation
Human resources (HR) have significance as they include the knowledge, creativity, and invention of people, which underpins a nation's power and is generally what drives its advancement. Regular elements can only be transformed into valuable assets by human ingenuity and expertise. Given its importance, it is crucial to understand the size, rate of development, distribution, appropriation, and any remaining section elements of India's population in both quantitative and subjective terms.
Raghupati Singhania, Chairman and Managing Director of J K Tyres introduced his keynote speech by fittingly quoting Benjamin Disraeli- “Great countries are those which produce great people.’’ He emphasized on the hyper-focused notion of development that typically relates to technology, infrastructure and scientific innovation rather than a human-centric approach.
“Human resource is often viewed as the people management department and plays a very pivotal role in shaping the trajectory of growth. Human resources is not merely a function, but it is a philosophy and belief that investing in people is the shortest path in an organisation’s and nation’s progress. It is not about just about managing employees, but harnessing their potential,” he said while emphasizing the importance of HR in nation-building.
Employees have a great opportunity to expand their knowledge base and develop their professional abilities through training, which helps them be more productive at work. Despite the expense of employee training, if it is constant, the return on investment is enormous.
“When employees are well-trained and competitive in their job, productivity and organizational competitiveness grow up. Thereby directing and stimulating economic growth. While the skilled workforce is not only an asset to the organization, but also vital to national competitiveness,” he said while noting the importance of up-skilling of human resources.
India will continue to have one of the youngest populations in the world through 2030, according to UNFPA forecasts. India is currently witnessing a "youth bulge" that will endure until 2025, which is a demographic window of opportunity.
“India is a young country with a median age of 28.2 years which gives us a competitive advantage over others. By 2030, the share of the working population will reach its maximum population,” he said while pointing towards India’s human capital.
A country's human resources are thought to be a crucial type of asset for achieving economic development. HR is the most dynamic type of asset among all other types. The proper use of the nation's regular assets calls for the subjective and quantitative development of HR.
